Page 52 - Sundance Resources 2014 Annual Report

50 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
12. Remuneration Report (continued)
12.7 Long Term Incentives and Share Based Payments (continued)
Retention Plan
A Retention Plan involving the use of performance rights was introduced in August 2013. Performance Rights are issued
pursuant to the terms and conditions of the PRP, were reviewed by the NRC and approved by the Board. Any such grant of
Performance Rights under the PRP is subject to ongoing employment for specified periods subsequent to achievement of
specified conditions
All current executive KMP are participants in the Plan, excluding the MD/CEO.
The introduction of the retention plan was one targeted action aimed at ensuring the Company was able to affordably meet
business continuity through the period bridging the Hanlong Scheme Implementation Agreement cancellation and securing
project funding, including the retention of critical intellectual property.
The total number of performance rights issued during the year under the Retention Plan is 12,728,318 (2013: Nil).
Retention Plan Performance Conditions
The specified Performance Conditions are detailed in the table below:
Retention Plan
Grant Year
Tranche
No.
% of total
grant Performance Condition Measure Date Achieved Forfeited
2014
1 50% Final Investment Decision (FID) approved
by Board or Board approved take over
completed before 1 November 2016
6 months after
Performance Condition
satisfied
- -
2 50% Final Investment Decision (FID) approved
by Board or Board approved take over
completed before 1 November 2016
12 months after
Performance Condition
satisfied
- -
Retention Plan performance rights issued to KMP
The fair value of performance rights granted to KMP under the 2014 Retention Plan are as follows:
Name
Total 2014 Retention Plan
No. of Rights Fair Value
Mr R Longley 1,461,060 $160,714
Mr D Meehan 2,097,402 $230,714
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014